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<law><site_title>Virginia Decoded</site_title><site_url>https://vacode.org</site_url><law_id>73060</law_id><section_number>6.2-1339</section_number><catch_line>Duties and powers of Commission; judicial review</catch_line><edition url="https://vacode.org/2025/" slug="2025" current="TRUE" last_updated="">2025</edition><structure><unit label="title" level="1" order_by="1" identifier="6.2">Financial Institutions and Services</unit><unit label="subtitle" level="2" order_by="1" identifier="II">Depository Institutions and Trust Organizations</unit><unit label="chapter" level="3" order_by="1" identifier="13">Credit Unions</unit><unit label="article" level="4" order_by="1" identifier="5">Share Insurance</unit></structure><text>
						<section id="A"><p><span class="prefix-number">A.</span> The <span class="dictionary">Commission</span> shall promptly forward to the <span class="dictionary">corporation</span> copies of all examination reports of <span class="dictionary">member credit unions</span>. The cost of furnishing the copies shall be paid by the <span class="dictionary">corporation</span>. <a id="paragraph-263074" class="section-permalink" href="https://vacode.org/6.2-1339/#A"><i class="fa fa-link"/></a></p></section>
						<section id="B"><p><span class="prefix-number">B.</span> If the <span class="dictionary">Commission</span> determines, pursuant to the provisions of &#xA7; <a class="law" title="Reports to Commission; penalty for failure to make reports" href="/6.2-1311/">6.2-1311</a> or <a class="law" title="Powers of Commission in case of nonobservance of law, noncompliance with orders, insufficient reserves, or approaching insolvency; appointment of receiver" href="/6.2-1313/">6.2-1313</a>, that it should take <span class="dictionary">possession</span> of the business and property of a <span class="dictionary">member credit union</span>, the <span class="dictionary">Commission</span> may direct the <span class="dictionary">corporation</span> to assume control of such business and property and, subject to the <span class="dictionary">Commission</span>&#x2019;s <span class="dictionary">orders</span> operate the credit union until such time as the <span class="dictionary">Commission</span> permits the credit union to resume business or until its <span class="dictionary">assets</span> are finally liquidated. If the <span class="dictionary">Commission</span> <span class="dictionary">orders</span> the <span class="dictionary">liquidation</span> of an insolvent <span class="dictionary">member credit union</span> then in the control of the <span class="dictionary">corporation</span> through the purchase of the <span class="dictionary">assets</span> and the assumption of the liabilities of such credit union by another insured credit union, the <span class="dictionary">corporation</span> shall be empowered to convey all right, title, and interest in all or part of the <span class="dictionary">assets</span> and liabilities of the insolvent credit union to the other insured credit union. Upon such transfer, good title to the <span class="dictionary">assets</span> and liabilities conveyed shall vest in the other insured credit union. Any cost or expense incurred by the <span class="dictionary">corporation</span> in such operation of the credit union may be reimbursed from the <span class="dictionary">assets</span> of the credit union by an <span class="dictionary">order</span> of the <span class="dictionary">Commission</span>. <a id="paragraph-263075" class="section-permalink" href="https://vacode.org/6.2-1339/#B"><i class="fa fa-link"/></a></p></section>
						<section id="C"><p><span class="prefix-number">C.</span> The <span class="dictionary">Commission</span> may suspend or revoke, after notice of <span class="dictionary">hearing</span>, the certificate of authority to do business of any <span class="dictionary">member credit union</span> that fails to pay, when due, any assessment made by the <span class="dictionary">corporation</span> pursuant to this article. <a id="paragraph-263076" class="section-permalink" href="https://vacode.org/6.2-1339/#C"><i class="fa fa-link"/></a></p></section>
						<section id="D"><p><span class="prefix-number">D.</span> Any final action or <span class="dictionary">order</span> of the <span class="dictionary">Commission</span> under this article shall be subject to judicial review in accordance with the provisions of &#xA7; <a class="law" title="Appeals generally" href="/12.1-39/">12.1-39</a>. <a id="paragraph-263077" class="section-permalink" href="https://vacode.org/6.2-1339/#D"><i class="fa fa-link"/></a></p></section></text><history>1974, c. 587, &#xA7; 6.1-226.9; 1985, c. 366; 2010, c. 794.</history><metadata></metadata></law>
